The office will be anchored by Brookfield’s global credit platform, including Oaktree, the firm said in a statement on Sunday.

The move builds on its partnership with Qai, Qatar’s artificial intelligence company and a subsidiary of the Qatar Investment Authority (QIA), to invest US$20 billion in artificial intelligence infrastructure in Qatar and international markets. Brookfield manages about US$20 billion in assets across private equity, real estate, credit and infrastructure across the six-nation Gulf Cooperation Council.

“Establishing our presence in Doha is a natural next step as we continue to grow our business in the region,” said Jad Ellawn, Brookfield’s managing partner and regional head of the Middle East. “We see significant opportunity ahead and look forward to continuing to invest and deepen our collaborations here for the long term.”

The expansion is the latest sign of global giants doubling down on the Middle East, which is home to sovereign wealth funds that oversee assets worth trillions of dollars. These investors have become increasingly crucial to financial firms, who’ve been keen to signal their willingness to back Gulf countries during the conflict.

In recent days, Advent International, Eurazeo, EQT AB and Pantheon have opened offices in Abu Dhabi, while Robinhood Markets Inc plans to launch its retail investing platform in the Middle East from a new Dubai base next year.

Before the conflict began, the QIA had been signalling a return to the large transactions that helped establish it as one of the world’s biggest sovereign investors. That prompted firms including BlackRock Inc’s Global Infrastructure Partners to establish offices in Doha.

Now, Qatar’s energy sales have taken a major hit. An Iranian strike on Ras Laffan in March knocked out about 17% of the country’s liquefied natural gas (LNG) export capacity, with losses estimated at US$20 billion and repairs expected to take at least three years. LNG shipments remain well below prewar levels amid risks to tanker traffic through the Strait of Hormuz.

Still, the QIA has continued to pursue global deals and partnerships. In September, it said it was targeting a US$20 billion partnership with JPMorgan Chase & Co, following a similar agreement with Goldman Sachs Group Inc. 

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